The strength of any business is often dependant on its most valuable of assets: employees. What they do when they are at work, where they put their energy and what they are strongest at doing can all be important factors in determining the success of the company.
For this reason, it makes sense for businesses to track and understand the time that the workforce spends on projects, deadlines and billable client hours. Research has also shown that time tracking systems can be a great help in increasing the productivity of employees, not to mention helping companies to create an overall shift in efficiency and strategic planning.
Here are a few of the benefits that can arise from having a time tracking system in place:
Payroll errors can be avoided:
Payroll information that is entered manually into the system, can often lead to costly mistakes being made. Over time, these errors can build up and cost a company dearly. However, when you use time tracking software (or the company that you outsource payroll to, use the time tracking software), time and attendance will be recorded accurately and make payroll more productive.
Daily operations can be improved:
With a time tracking system in place, employees are encouraged to better manage the time that they spend on projects. The managers of each project are given a more accurate understanding of why and where delays might have occurred, giving them the data to come up with a more effective strategy moving forward, and to better estimate the time spent on such projects in the future.
It’s important to recognize that employees don’t spend their entire day in the workplace, working and that while they may take legitimate breaks, they may also waste a lot of their paid time taking unofficial breaks or browsing the internet, for example. Time tracking systems can help to subtly enforce the idea of being at work and what it means, without the annoyance of a manager of supervisor looking over their shoulder. If you’re the business owner and are paying your employees, of course, you want them to work effectively, but you must also understand that they need to feel comfortable and confident while at work, otherwise they simply won’t be as productive. Time tracking systems gives them the feeling of independence that they doubtless crave, while also enabling them to better invest their time, and not waste yours.
Time theft and payroll abuse can become a thing of the past:
Time can be stolen from a business in a variety of different ways, from ‘buddy punching’ to the fraudulent filling out of timesheets, and when added up at the end of each financial year, can end up costing a company hugely. However, with time tracking software, these errors are wholly preventable and employees working hours can be seen in real time.
Companies that use time tracking software, or who outsource their payroll to firms who use them, will undoubtedly decrease the time spent on manual data entry and cut down on human errors tenfold. Employees should also feel comfortable using a time tracking system and may even feel more secure in their positions since time tracking systems can help their daily working lives improve.